Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

Sitharaman Proposes Model Tenancy Law to Resolve Housing Problem across Nation

Once finalised, the finance minister said the new law will be circulated among states, adding that it is being done to push for reforms to promote rental housing.

News18.com

Updated:July 5, 2019, 4:43 PM IST
facebookTwitter Pocket whatsapp
Sitharaman Proposes Model Tenancy Law to Resolve Housing Problem across Nation
Finance Minister Nirmala Sitharaman arrives to present the 2019 budget in Parliament, New Delhi. (Image Reuters)

New Delhi: Finance Minister Nirmala Sitharaman, while presenting her first Budget on Friday, talked about bringing out a Model Tenancy Law.

RATE The Budget

"It is proposed that several reform measures would be taken up to promote rental housing. Current rental laws are archaic as they do not address the relationship between the lessor and the lessee realistically and fairly,” Sitharaman said, adding that a model tenancy law will also be finalised and circulated among the states.

This will be done, she said in order to push for reforms to promote rental housing across states.

The law was discussed for the first time during the first Narendra Modi government. It was supposed to replace the 70-year-old Rent Control Act, 1948, and was reportedly drafted with an aim to ensure that landlords are able to charge market rates for their residential or commercial properties, get the rents revised periodically, and also get their premises vacated easily without getting into long-drawn legal proceedings.

It was being framed keeping in mind the interests of tenants, as well. A rent ceiling was to be fixed in consultation with the state government to avoid arbitrary hikes. It also reportedly had safeguards to prevent landlords from being able to evict tenants as per their whims and fancies. Overall, once implemented, it is likely to go a long way in solving the housing problem in the country.

Sitharaman also highlighted her government's commitment to housing for all and claimed that around 1.5 crore homes were completed in the first phase of Pradhan Mantri Awas Yojana (PMAY). About 1.95 crore houses are proposed to be provided in the second phase of PMAY, she said. This will be part of efforts to fulfil the Modi government’s ambitious ‘Housing for All’ policy by 2022, which focuses on providing affordable housing across the country.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
ICICI Bank 524.80 -0.62
Indiabulls Hsg 272.45 -4.44
Reliance 1,554.90 0.26
Company Price Change %Gain
Yes Bank 56.00 -9.82
Indiabulls Hsg 272.40 -4.39
SBI 319.80 -4.89
Reliance 1,554.95 0.30
RBL Bank 338.80 -7.28
Top Gainers
Company Price Change %Gain
Bharti Infratel 259.70 5.55
Kotak Mahindra 1,674.30 1.52
JSW Steel 254.10 1.05
Tata Steel 403.25 0.86
Dr Reddys Labs 2,890.80 0.67
Company Price Change %Gain
Kotak Mahindra 1,674.30 1.48
Tata Steel 402.95 0.83
Reliance 1,554.95 0.30
Asian Paints 1,717.80 0.17
Infosys 715.15 0.07
Top Losers
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
Zee Entertain 287.70 -4.12
GAIL 117.15 -3.34
IndusInd Bank 1,465.85 -2.91
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 319.80 -4.89
IndusInd Bank 1,463.75 -3.05
Tata Motors 161.50 -2.77
M&M 510.30 -2.73

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results